QBTS · NASDAQ · STOCK
D-Wave Quantum (QBTS) Stock Analysis
$14.55
52W $12.75 – $46.75
48/100
$5.35B
-20.5
2.17
Is QBTS Bullish or Bearish?
Mixed.
Innellis AI committee rates D-Wave Quantum Inc. (QBTS) Watch with a composite score of 48/100
, based on 6 analysts with 33% agreement.
Last updated October 10, 2026.
What Would Change This View
- Upgrade to Buy
- Requires a committee score of 60.0 — +11.96 from today. Applies on the first day at or above the line; upgrades are never dampened.
- Downgrade to Reduce
- Requires the score to fall below 40.0 — -8.04 from today. The band boundary is 45.0, but a one-step downgrade must clear a further margin first. A score oscillating around the line should not change the rating every night.
Executive Summary
The committee is genuinely divided. News Analyst sees a compelling case — news sentiment is positive (+0.27 across 30 articles, 14d). Growth Analyst remains cautious — revenue declining -44.2% yoy -- this is not a growth story right now. This disagreement is itself the signal — the setup is not clean in either direction.
Bull & Bear Case
Bull Case
- Low leverage (debt-to-equity 0.04) -- balance sheet can absorb a shock — Risk
- News sentiment is positive (+0.27 across 30 articles, 14d) — News
Bear Case
- Price-to-book of 10.7x prices in significant intangible value — Value
- ROE of only -26.7% -- cheap may mean cheap for a reason — Value
- Revenue declining -44.2% YoY -- this is not a growth story right now — Growth
- Growth rate is decelerating quarter over quarter -- the trend line matters more than the level — Growth
- Price structure making lower highs and lower lows — Technical
- RSI at 21 is in oversold territory (could mean either capitulation or a bounce setup) — Technical
Both cases are generated from quantitative data signals, not qualitative or
forward-looking judgement. They summarise what the numbers say today.
Price History (6M)
AI Investment Committee
Committee Consensus
As of October 10, 2026
Overall Committee Score
48/100
Agreement
33%
Analysts
6
Conviction
Contested
Sector Rank
Top 96%
of 287 Technology peers
Value Analyst
neutral
43
/ 100 · Moderate confidence
Fair value -- neither a bargain nor obviously overpriced
− Price-to-book of 10.7x prices in significant intangible value
Growth Analyst
bearish
25
/ 100 · Moderate confidence
Growth story is weak, decelerating, or inconsistent
− Revenue declining -44.2% YoY -- this is not a growth story right now
Technical Analyst
bearish
31
/ 100 · High confidence
Price action is deteriorating -- trend and/or momentum are working against this name
− Price structure making lower highs and lower lows
Risk Analyst
neutral
58
/ 100 · Moderate confidence
Moderate risk -- no single red flag, but nothing that clearly de-risks the position either
+ Low leverage (debt-to-equity 0.04) -- balance sheet can absorb a shock
− Bollinger bandwidth of 23.1% signals elevated volatility
Macro Analyst
bullish
65
/ 100 · Low confidence
Macro backdrop is supportive of risk assets generally, and this name's beta works in its favor
News Analyst
bullish
66
/ 100 · Low confidence
News flow and recent filings/analyst actions are net positive
+ News sentiment is positive (+0.27 across 30 articles, 14d)
Portfolio Manager
bearish
30
/ 100 · Moderate confidence
The existing book itself argues for caution here, independent of how good this specific stock looks
− Sector concentration is already high (HHI 2796.97)
Investment Thesis Evolution
Committee score moved marginally from 48.0 to 48.0.
- New bearish signals: 2 appeared.
- Bullish support removed: 1 signal(s) disappeared.
- New bullish signals: 1 appeared.
- Bearish pressure eased: 2 signal(s) disappeared.
Analyst-level changes:
- News Analyst: +1 bullish signal(s).
- Risk Analyst: +1 bearish signal(s).
- Technical Analyst: +1 bearish signal(s).
Comparing 2026-10-09 to 2026-10-10 (1 day apart).
Technical Analysis
RSI (14)
21.4
Oversold
MACD Histogram
-0.172
Bearish Momentum
Trend Direction
Downtrend
Weekly: Uptrend
Market Structure
Lh Ll
Support
$14.20
Resistance
$19.75
Bollinger %B
-0.00
Below Lower Band
Price vs Moving Averages
EMA 9
$15.54
Below
EMA 21
$16.31
Below
EMA 50
$17.52
Below
EMA 200
$19.64
Below
Fundamental Analysis
Valuation
82
Growth
40
Profitability
25
Financial Health
100
Cash Flow
15
Valuation
P/E Ratio
-20.5×
P/B Ratio
4.99×
PEG Ratio
-1.42
Dividend Yield
0.00%
52W High
$46.75
52W Low
$12.75
Quality & Growth
ROE
-4166.3%
ROA
-3877.0%
Gross Margin
6418.5%
Operating Margin
—
Revenue Growth YoY
—
Debt / Equity
0.01
AI Fundamental Assessment
P/E ratio of -20.5 (inexpensive relative to a 15-40x range); Price-to-book of 5.0x; PEG ratio of -1.4 (under 1.0 suggests growth is undervalued relative to price); Return on equity of -41.7%; Return on assets of -38.8%; Net margin of -2001.6%; Gross margin of 64.2%; Current ratio of 20.55 (healthy short-term liquidity); Debt-to-equity of 0.01; Free cash flow per share is negative (-0.32); Most recent quarter missed estimates by 14.2%; EPS growth decelerating (+88.9% -> -890.0% QoQ); Analyst estimates falling over recent quarters
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